Open a business account as soon as you register and have an EIN. Banks usually ask for your formation documents (or DBA), EIN confirmation, government ID, and sometimes an operating agreement or business license. Compare monthly fees, transaction limits, deposit options and online tools before choosing.
Documents banks commonly ask for
- Government-issued photo ID
- EIN confirmation letter (or SSN for some sole props)
- Articles of organization or incorporation
- DBA filing if using a trade name
- Operating agreement or ownership details
- Business license in some cases
Compare accounts
| Feature | Ask |
|---|---|
| Monthly fee | How do I waive it? |
| Transactions | How many free deposits and payments? |
| Cash deposits | Fees and limits? |
| Online tools | Invoicing, mobile deposit, integrations? |
| Merchant services | Card processing options and fees? |
After opening
- Run all business income and expenses through it
- Connect your bookkeeping tool
- Order a business debit card
- Keep receipts organized by month
Worked example
After forming her LLC and getting an EIN, Tara calls two banks and a credit union to ask what documents they need, the monthly fee, how to avoid it, transaction limits and mobile deposit options. She chooses the credit union with no monthly fee for her volume, brings her formation documents, EIN letter, operating agreement and ID, and opens the account. She links it to her payment processor and bookkeeping software the same week.
Common mistakes
- Using a personal account for business transactions
- Ignoring monthly fees and minimum balances
- Not adding a co-owner or bookkeeper with proper access
- Forgetting to update the bank after a name or address change
What to ask the bank
Ask about monthly fees and how to avoid them, transaction and cash deposit limits, mobile deposit, online bill pay, integrations with accounting software, debit and credit card options, fees for wires and overdrafts, and how to add authorized users. Compare two or three options before choosing.
Common questions
Can I use my personal account for business?
You can as a sole proprietor, but mixing money makes bookkeeping and taxes harder and can weaken LLC liability protection.
Do I need an EIN to open a business account?
Most banks require it for LLCs and corporations. Some accept an SSN for sole proprietors.
Should I open a business savings account too?
Many owners keep a separate savings account for taxes and reserves.
Can I have more than one business account?
Yes; some owners separate operating, tax and payroll funds.
What if my business is new and has no revenue?
Most banks open accounts for new businesses; ask about minimum deposit requirements.
Do sole proprietors need a business account?
It is not always required, but a separate account makes taxes and records much easier.
Sources
Sources checked October 6, 2026. Rules, fees and forms change; confirm details with the agency or provider before you act. This guide is general information, not legal, tax or insurance advice.
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